NY Fed's Baxter on Islamic financial services

Speaking at the Seminar on legal issues in the Islamic financial services industry in Kuwait City in March, Thomas Baxter of the New York Fed said U.S. financial institutions are beginning to recognise the importance of the Islamic financial market.

To date, regulation of Islamic financial products in the United States has been somewhat haphazard for two main reasons, Baxter said. "First, the industry is relatively new in the United States. That means there are relatively few players and

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